Contracts are what make any business go, but first, they have to get to the finish line: execution. Unfortunately, in many organizations, agreements get bogged down in byzantine contracting processes that frustrate corporate counsel and their clients alike. When counsel rely on tools such as Microsoft Outlook, Word, Excel and SharePoint as their contract management suite, it leads to a lack of transparency. Drafting, review and approval workflows come to a standstill as emails fly back and forth between stakeholders desperately trying to determine the status and versioning of their contracts. Disappointed business units point the finger at corporate counsel for delays that can extend negotiations and damage relationships with suppliers, vendors and customers. Meanwhile, the legal team loses opportunities for insight into the contracting process and data, making risk management and compliance more challenging.
Though the legal workload may be overwhelming, the contracting lifecycle does not have to be, thanks to contract lifecycle management (CLM) software. These tools can remedy the major pain points in workflows and make contracting as easy as child’s play, transforming the legal team from the department of “no” into a strategic, value-adding business partner.